Comments on: Are debt management companies really bad for your credit? http://www.mydrblog.com/blog/2007/08/15/are-debt-management-companies-really-bad-for-your-credit/ Our road down debt reduction to elimination, and living without a budget Sat, 01 May 2010 03:53:37 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Chad http://www.mydrblog.com/blog/2007/08/15/are-debt-management-companies-really-bad-for-your-credit/comment-page-1/#comment-22 Chad Fri, 17 Aug 2007 12:58:57 +0000 http://www.mydrblog.com/blog/2007/08/15/are-debt-management-companies-really-bad-for-your-credit/#comment-22 Thanks for the input. This bothers me a bit, because I don't remember them ever warning us that this could/will have a negative impact on out credit record. Thanks for the input. This bothers me a bit, because I don’t remember them ever warning us that this could/will have a negative impact on out credit record.

]]> By: HMiller http://www.mydrblog.com/blog/2007/08/15/are-debt-management-companies-really-bad-for-your-credit/comment-page-1/#comment-21 HMiller Thu, 16 Aug 2007 22:49:36 +0000 http://www.mydrblog.com/blog/2007/08/15/are-debt-management-companies-really-bad-for-your-credit/#comment-21 I work in a position where I view credit bureaus routinely and I can say with absolute honesty that debt management programs or credit counseling services look very bad on the bureau. To be able to do a dmp, you must be able to prove financial hardship, then the cccs or dmp you're working with contacts your creditors, says you're having financial hardship and negotiates payments and rates in an attempt to repay debt. It looks very bad and will stay on your credit bureau for a long time. That being said, if you truly are having financial problems and need help to make the payments, then the dmp may work for you. But don't expect to be able to get new credit at the same time. I work in a position where I view credit bureaus routinely and I can say with absolute honesty that debt management programs or credit counseling services look very bad on the bureau. To be able to do a dmp, you must be able to prove financial hardship, then the cccs or dmp you’re working with contacts your creditors, says you’re having financial hardship and negotiates payments and rates in an attempt to repay debt. It looks very bad and will stay on your credit bureau for a long time.

That being said, if you truly are having financial problems and need help to make the payments, then the dmp may work for you. But don’t expect to be able to get new credit at the same time.

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